$ALGO Holding Strong: Support Flip in Progress? 💎📈
ALGO / USDT - LONG
Trade Plan:
Entry: $0.0890 - $0.0905
Stop Loss (SL): $0.0860 (Below recent 4H wick low)
TP1: $0.0920 (MA 25 Resistance)
TP2: $0.0955
TP3: $0.0980 (Recent Swing High)
Why this setup?
MA 99 Support Bounce: On the 4H chart, ALGO has successfully tested the MA(99) at $0.0887 and bounced back. This shows that the long-term trend support is being defended by buyers.
Higher Low Formation: After the drop to $0.0866, the price action is stabilizing and starting to form higher lows, suggesting that the selling pressure is cooling off.
Volume Stabilization: Selling volume is decreasing on the dips, indicating a lack of conviction from bears to push the price further down.
Debate: ALGO is currently fighting the MA(7) and MA(25) resistance cluster. Do you think we see a clean breakout above $0.0920 today, or are we stuck in this range? 👇
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$ALGO
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